HomeMy WebLinkAboutOrd 3770 04/21/1987ORDINANCE NO. 3770
AN ORDINANCE APPROVING REAL ESTATE PURCHASE
AGREEMENT FOR PROPERTY GENERALLY LOCATED AT
3 SOUTH EMERSON STREET
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 21st DAY OF April , 1987.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
22nd day of April , 1987.
AF
ORDINANCE NO. 3770
AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT
FOR PROPERTY GENERALLY LOCATED AT 3 SOUTH EMERSON STREET
WHEREAS, the Village of Mount Prospect did adopt the Village of
Mount Prospect District No. 1 Tax Increment Redevelopment Project
and Plan on August 20, 1985; and
WHEREAS, the Village of Mount Prospect has received a proposed
contract for the purchase of certain property within the
Redevelopment Project Area which property was designated for
acquisition, a copy of the proposed contract is attached hereto
and hereby made a part hereof as Exhibit "A".
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The Board of Trustees of the Village of Mount
Prospect find that it is in the best interests of the Village of
Mount Prospect to enter into the contract attached hereto as
Exhibit "A".
SECTION TWO: The Village President and Village Clerk are
hereby directed and authorized to execute the contract (Exhibit
"A" attached hereto) and the Village staff, its agents and
attorneys are hereby authorized and directed to take all
necessary action to fully implement all the terms, conditions and
covenants of said contract.
SECTION THREE: This Ordinance shall be in full force and
effect from and after its passage, approval and publication
pamphlet form in the manner provided by law.
in
AYES: Arthur, Farley, Floros, Murauskis, Van Germ, Wattenberg
NAYS: None
ABSENT: None
PASSED and APPROVED this 21st day of April , 1987.
ATTEST:
Carol A. Fields
Village Clerk
Carolyn H. Krause
Village President
ENTURY 21 NORTHWEST REALTY
REAL ESTATE CONTRACT
~Purchaser's add ess .g..' C y Zip
S. TtMEFOOACCEPTANCE:Thi$ofte, shal henul~nd~diIn~tacCe~tedby$e~er~`~hZ/~`~-~z~/~andlnsuC~[vem~a~earn~e~fm~me`¢ep~SIted~ba
S. EARNEST MONEY: Purchaser has paiG ea,nest money ,~be amount of $~,~v. . The radial $ ~ ..--~ ~ by cash or check and
the form ol a promissory note to be redeemed with,,.~ days o~ acceota,ce hereoL ~ ~ ~~'"/~'~
Earnest money a,d th,s contract shag be held by ~ ~//~ -.
7. ""RTGAGECOMMITMENT: Strlkepzragraphif mappgcaole] ~hsCo, ac issub ,c o heco,, lo. ha PU chase ~abe 0pr~, e O~///~'
abrmCommitment/or~ ~7~//~ typetoanJo~esecuredbyamortgageortrustdeedontherealestateintheamount,l$
8. TIME AND P~CE OF CLOSING: (a) closi.o or escrow pay out, shall be ~/--g~. or at such mutually a~reed Io m Wnb,, prov,oeO role has
9. TITLE: Td ,. wne~ conveyed snau De ~ooo an, mercnamame, suo eot on to str/~e mappl,Came prov,s,onsj General ,axes ,or 19 ~? .~ / and suosequen, years; special taxes or
13, ORDERS AND GENERAL CONBITIONS: This Contract ~s SU~leCi to the General Conditions on the ~ac~ page hereof and Rider numbers
Purchaser's Mailing Address (Please Print) Street Seller's Mailing Addres§~(please Print) Street /"'
GENERAL CONDITIONS.
14. EVIDENCE OF TITLE'! Sager shall at his expense, deliver or cause to be delivered to Purchaser er Purchaser's attorney poi less than five days prior to
tee time of closing as evidence of title n Seller or Grantor. one of the following:
Ia) Owner's Duplicate Certificate of Title. issued Dy the Registrar of Tit[es. or certified copy thereof and a Torrens Tax and Soecial Assessment
search Deanng a date not more than 45 days odor to closing; or
~o) A title insurance potlcy or commitment far title insurance Dy a title company licensed to operate in the State of Illinois bearing a date on or SUbSe-
ouent to the date of the acceotance of this oRer but issued not more than 45 days prior to closing in the amount of the 3urchase Price. subject only to items
listed in paragraph 9 on the face hereof and usual stock obiections. Del~y in delivery Dy Seller of a commitment for tit
chaser's mortgagee m rec0rmng th? mortgage and bringing down title sha!l eot cause a default of this Coptract.
In the event the entire subjec('propert~; is registered in the Torrens system, and Purchaser or
tion to a Duplicate Certificate of Title issued by the Registrar of Titles same shall be
title as therein shown, subject only to me exceobons therein stated, If evidence of title discloses other delects. Seller s
to cure such"d~fects and notify Purd~'aser, Dui Purchaser ma/take the title with such other defects (with the right to de
and encumbrances for a definite or asce~tamaole amount) by notifying Seller and tendering Derformance. At closing,
customary form of affidavit gl titie and s~gn customary ALTA forms and other terms as may be required by law or custom.
15 LOSS: If 9riot to closing, improvements on the oroperty snail De destroyed or materially damaged by fire or other casualty, this Contract. at the option
of Purchaser. snail oecome null and vma
16 SURVEY: Prior to ClOSing, Seller shai furnish a survey Dy a ncensed land surveyor aateo not more man SlX (6) months prior to date of acceptance
hereof showing that alt imorovements oresent~y located thereon including buildings, fences. Dongs sidewalks and driveways are within the lot lines and
snowing no easement violations aha no encroacnments of Improvements from adjoining properties. It Purchaser or Purchaser's mortgagee desires a more
recent or- extensive st~?vey, same shall De OD[dined at Purchaser's exoense .... ,,-~ ~'.,. -
17 PAYOUTS: Existing mortgage and other I~e~ mdebtedne§s may b~ paid at closing out of sale ProceedS. umess Purchaser takes title suoject thereto.
18. MORTGAGE PLACEMENT: Purchaser may record z~ ~,r!~age on this property and apply the proceeds on purchase.
19. DEBRIS REMOVAL:'Sel er shall remove from premises by date of possession all debris and personal proper~y not conveyed Dy big of sale to Purchaser.
20. CODE VIOLATIONS: Seller warranis that neither he nor his agent has received notice of any dwelgng code violation which exists on the date of this
agreement from any city, vgiage, or other governmental a~Jthority.
21. NOTICES: All notices required shall De m writing and shall De served on the oarties at the mailing addresses indicated herein: tn the event ~otice is
served by mail, the date of maigng of the not[ce by registered or certified mail return recemt reauestod, shah be the effective date of the nohce
22. ESCROW CLOSING: At the election of either 3arty upon written notice to the other party, this sale shall De Close(] through an escrow office closest to
tee subject property of a title company or a banking restitution licensed to operate m the State of Illinois or at such other place as otherwise agreed by deed
and mone~, escrow with such special provisions hearted in the escrow agreement as may de required to conform with this Contract. Upon the creation of
such an escrow, anything herein to the contrary notwithstanding eayment of ourchase orice and delivery ot deed. shall be made through the escrow ape
this Contract and th~ earhes mode), s~a be depots ed n he e§crow. The ,cos o the escrow shall be paid by the party requesting it unless otherwise
agreed upon.
23. SURVIVAL OF ESCROW PROVISLONS:_Any escrow and other orovisions contained in this C(~ntract whic~ reouire addit!onal acts after the closing shall
surwve the closi.ng and the conveyance of the deed and shall continue to be binding upon the parties ~ereto.~
re~.,,-*'~,s~e.d=,_.n.~aie ~,,,,~,,. ................. ~h,,, .~,,, 33~e3 ,h cr,c~hafHreu~ b~ ;~[ ~lTe full 'amount ol the'actual' -- ' 'taxes:' Iit e.t- ~ ~ ~ '! .'~ I~.ss j't~..t e~ percent
1~Q2~} !r~e ;a,"ti~s he.to sh~ ~,",o fE~or;~ ~ th,-~u~' ¢."'r" '"2_~ ~ he~ri'is applicable.
(b) If the property has previously not been taxed as imoroved, the sum gl two percent of the purcnase price shall De deposited in escrow with Pur-
chaser's lender, d red Jlred. or wdh Seller S attorney. When the exac amoun of the taxes Orora ed under h s Contrac can be ascerta ned. the taxes shall
de prorated Dy the Seller's attorney at the reouest of either Party and Seller's share ot such tax liability, after reororat[on shall be paid to Purchaser from
the escrow funds and the batance if any. shall be paid to the Sdiffr. if Seller's ob igation ~tte, r such reprorahon exceeds the amount of the escrow funds.
Seller agrees to pay such excess Prompuy upon aemana. ., ,~ ..... .~ ,
25. CONDITION OF REA'L ESTATE: Seller agrees rd surrender oossession of the real estate in me same conomon as it was at me date of tins contract.
ormnary wear and tear excemeo. - -'
26. INSPECTION: Purchaser reserves the right to inspect the premises wi!hie sea, aery-two (72) hours of the c~osmg to determine Seller's comu lance with
paragraph 25 (Condition of Real Estate~ adore. ,.,
27 DESIGNATION OF INTEREST When Purchasers are husband and wife their interest under tins Contract seal be in joint tenancy w~th right of
survivorsmD unless otherwise orovided herein o~: directed dy the Purchasers. ~
28. REAL'ESTATE SETTLEMENT PROCEDURES: The carries to this Contract shall comply'in al~ resoects with the Real Estate Settlement Procedures Act of
1974. where appiicame, and furnish all information required for compliance w~th ~he Act.
29 PAYMENT OF REAL ESTATE TRANSFER TAX: Seller seal pay the amount of any stamo tax ~mDosed by the State law and county law on the transtar of
title and Purchaser shall pay the amount of any transtar tax imoosed by ~OCal Ordinance unless otherwise imoosea b'ysbch ordinance. I~oth parties agree to
execute any declarations or any forms reauired in connection with sa;id transfer taxes. '
30. CONSTRUCTION OF TERMS: Wherever appropriate, the sing. u~ar includes me plural and the masculine or feminine includes the other or the neuter
31. 'rIME: Time ~s o! the essence of this Contract "
e insurance due to a delay by Pur-
~.urance policy in addF ... '
aha merchantable ?'/
~.~ditional days '.¢
[(~l:~fJ~gu+chase price, liens, ~
reouested, Seller shall execute~)-~
SSIGNMENT OF REAL ESTATE CONTRAC%
This Assignment is made by and between the VILLAGE OF MOUNT
PROSPECT, a Municipal Corporation, hereinafter referred to as
"VILLAGE" and JOHN CARTUCCIO and LENA CARTUCCIO, his wife, herein
after referred to as "CARTUCCIO" regarding the premiseS commonly
known as 3 South Emerson, Mount Prospect, Illinois;
FOR VALUE RECEIVED, receipt of which is hereby acknowledged,
and in consideration of the terms and conditions hereinafter set
forth, the VILLAGE AND CARTUCCIO agree as follows:
1. CARTUCCIO shall assign, set over and convey all right,
title and interest in and to a~ certain real estate contract
dated February 14, 1987 reEarding the premises commonly known as
3 South Emerson, Mount Prospect, Illlnois~ including earnest
deposited by CARTUCCIO
DOLLARS, in consideration of which the VILLAGE shall pay to
CARTUCCIO upon the execution of this Assignment the sum of FIVE
THOUSAND ($5,000.00) DOLLARS plus earnest money in the amount
of THREE THOUSAND ($3,000.00) DOLLARS for a total of EIGHT
THOUSAND ($8,000.00) DOLLARS.
2. The VILLAGE shall accept the Assignment and shall complete
the purchase of the premises pursuant to the terms and condition~I
of said contract referred to above.
3. Upon the execution of this Agreement, all obligations on
the part of CARTUCCIO shall terminate with respect to the real
estate contract and the VILLAGE shall perform all of CARTUCCIO's
obligations as stated therein.
IN WITNESS WHEREOF, we have executed the foregoing Assignment
this 21st day of~ April , 1987.
ACCEPTED: - ........ ~ ~ -~ '
~' ~/~~_~f_? VILLAGE OF MOUNT PROSPECT
JO~ CARTUCCIO
LENA CARTUCCIO
CONSENT TO ASSIGNMENT
SELLER
in the amount of THREE THOUSAND ($3,000.0CD
SELLER